Unorganised sector constitutes approximately 92% of the employed people and around half of India’s GDP.
It mainly comprises household manufacturing activity and small scale and tiny sectors of the industry. Such businesses cannot afford a well set financial and accounting system.
Taxing of unorganised sector under direct tax
Reluctance of maintaining regular books of account was proving to be a big hindrance in inducing people to file tax returns. Hence, the government took an important step of a simple presumptive tax regime for the unorganised sector. Under this, eligible taxpayers opting for such scheme can calculate the profit based on certain percentage of their turnover, rather than maintenance of complete set of books of accounts.
A taxpayer having turnover in business up to Rs 2 crore can compute his profit at the rate of 8% of cash turnover. In order to encourage digital economy, for receipt through banking channel, this percentage is reduced even further to 6% of the turnover. A taxpayer having professional receipts up to Rs 50 lakh can compute his profit at the rate of 50% of gross receipts.
For a person carrying business of plying/hiring/leasing of goods carriage and owning not more than 10 trucks, an option is given to compute business profit at the rate of Rs 1,000 per tonne per truck for every month in case of heavy goods vehicle and Rs 7,500 per truck per month for other goods vehicle.
The above presumptive taxation gives a lot of relief such as saving time in maintenance of books of accounts, accountant cost, compliance cost, etc.
Further, persons opting presumptive schemes can file a concise three to four pager ITR form with minimal but a few mandatory fields (that is, amount of debtors, creditors, cash/bank balance and stock as on last day) as compared to a 30+ pager ITR in other cases.
Though taxpayers are not required to maintain regular books of accounts under presumptive taxation, they are expected to keep following conditions in mind to avoid penal consequences:
Not to accept or repay any loan or deposit in excess of Rs 20,000 in cash: If a person accepts or repays a loan in cash in excess of Rs 20,000, penalty equal to the amount of loan received or repaid can be levied.
Not to receive cash of Rs 2 lakh or more: Receipt of Rs 2 lakh or more in cash from a person in a day or for a single transaction or single event may result into a penalty equal to the amount received.
Recent increase in tax rebate has made taxpayers earning taxable income up to Rs 5 lakh pay nil tax. Taking presumptive tax rates into account, it can be seen that individual/HUF (Hindu Undivided Family) taxpayer having business turnover of Rs 62.50 lakh in cash or Rs 83 lakh through banking channel will not have to pay any tax.
Similarly, individual having professional receipts up to Rs 10 lakh will not have to pay any tax. It should be noted that if presumptive income is above Rs 2.5 lakh, then tax payer is required to file return though no tax is payable.
GST provisions for unorganised sector
Registration: Threshold limit prescribed for registration under the Goods and Services Tax (GST) is Rs 20 lakh and for north-eastern states, it is Rs 10 lakh. This limit is proposed to be increased to Rs 40 lakh for goods.
Composition scheme: Manufacturers, small traders and restaurants having turnover up to Rs 1 crore are entitled to opt for composition scheme. Tax rates are 2% for manufacturers, 1% for small traders and 5% for restaurants. However, they are not entitled to any credit of input tax. Composition dealers cannot charge GST to their customers. Composition scheme is not available for dealers engaged in inter-state trade and commerce.
Return filing: Small taxpayers with annual aggregate turnover up to Rs 1.5 crore are permitted to file GSTR 1 on quarterly basis whereas others have to file this return monthly. In addition, all taxpayers have to file annual return.
Thus, it can be seen that the government has relaxed provisions under both income tax and GST. Compliance burden has been substantially reduced. This should go a long way in encouraging small tax payers to comply.
Everything You Need To Know About ULIPs
Everyone wants a sizeable amount of money that could be utilized to live the life they desire. In this world of technology as well as competition, you have only two options of making money; work either for someone else or start your own business. Furthermore, earning money isn’t even sufficient. The inflation burns a big hole to your pocket, where savings and investment become crucial in order to survive the financial catastrophe.
Investing your hard-earned money helps you build wealth. However, it is always essential to invest in something that helps you secure your family’s financial future, even if you are not there. Here, life insurance policies with investment provision help you in financial goal planning, and ultimately receiving a considerable amount at the end. Though traditional life insurance investment plans have limited advantages, you also have a better option of Unit Linked Insurance Plans that help you avail a wide range of benefits.
What is ULIP Insurance Plan?
A ULIP or Unit Linked Insurance Plan is a type of life insurance that offers you a life coverage along with some qualified investment tools such as stocks, bonds, etc. Unlike traditional investment insurance plans like an endowment policy, here you can manage your life coverage and the investment part separately, basis your financial needs.
Benefits of ULIPs
ULIP, as a product, offers you not just one or two, but three benefits- savings, investment, and insurance. Let’s see what the other benefits of a ULIP investment plan are:
ULIP insurance plans offer you an adequate amount that takes care of your family’s financial needs behind you. Usually, death benefits provided under a Unit Linked Insurance Plan are maximum of the fund value that has been accrued, or sum assured, or 105% of total premiums paid till the event of demise.
If you survive the policy tenure, you can avail of maturity benefits in the form of a lump sum or installments. In most of the cases, you can also set a frequency of pay-out and the settlement term up to 5 years.
Returns from Market-Linked Investments
Usually, in a regular life insurance policy, the premiums you pay are utilized for the life coverage. Whereas, under a ULIP scheme, a part of the premiums is invested in market-linked products such as debts and equities. Here, you can control the proportion of investment in different products or even a blend of multiple products. This is why financial goals with ULIP suit your needs best.
By opting for a ULIP scheme, you have the flexibility of choosing the fund that aptly suits your financial planning. If you notice volatility in the market and a particular fund doesn’t perform well, you always have a choice of switching to another one.
In traditional investment plans, you don’t get any clue of where your money is being invested. Well, ULIP as a product helps you stay updated with all the charges levied along with the Net Asset Value of each fund that you are investing in.
If you come across a financial crunch during the policy tenure, you can withdraw some amount partially from the funds accrued. Here, the insurer may levy particular charges for the same. You cannot make any partial withdrawal during the lock-in period or settlement term.
You can avail of tax benefits under ULIP insurance plans. The maximum of Rs. 1.5 Lakh can be exempted towards the premiums you pay under Section 80C, and for the maturity benefits under Section 10(10D) of the Income Tax Act.
How to Get the Best ULIP Investment Plan
Identify your goals and analyze the financial needs that you seek after a certain period. Remember that the financial goals you set must be long-term goals.
Don’t ignore life insurance benefits while going for investments. If you are young, make sure that your current, as well as future financial planning, is made properly. Here, a number of dependents, personal financial desires, education of your children and so many such aspects need to be considered.
Your investment goals may differ basis the financial planning you do. E.g., if you are planning to get a sizeable corpus for your children’s higher education or their marriages, the planning has to be done accordingly. Similar to be considered for post-retirement provisions, foreign tours, or even buying a new property.
Risk appetite plays a vital role in choosing the right ULIP scheme. Equity investments are best suitable for the people with high-risk appetite, whereas, debts come with lesser risk when returns are concerned. You can also choose a blend of both if you have a moderate risk appetite.
Always compare multiple plans, analyze which plan is best suitable for your needs and then go for it. Comparison certainly helps you get a better idea of which plan be more beneficial. The comparison can be made basis on several aspects such as sum assured, choice of funds, flexibility, systematic withdrawal provisions, and so on.
Investing in ULIP investment plans is always suitable if you are chasing a long-term financial goal. Proper planning by analyzing the needs gives you higher returns, along with the flexibility of multiple investment options to choose from. Last but not least, when it comes to transparency, Unit Linked Insurance Plans are anytime better than traditional investment plans. Now that you have read this article carefully; be sure that you will be able to get the best ULIP that you are looking for.
Eiliant Advisors bets big on its Lifecycle Growth Advisory business
- Expands portfolio and adds 3 new partners
- To raise a total of USD 12 Million across 3 new mandates in H2, FY20
- Aims to become a USD 25 million entity by 2025 with a global footprint
Eiliant, a niche, full lifecycle growth advisory firm, announced today that it has signed up contracts for raising over USD 12 Million during H2, FY20 across 3 new mandates in the areas of deep-tech and enterprise-tech. The firm has also signed up 3 multi – year strategic growth-to-exit contracts for challenger brands across organized bakery, wellness, and chocolate. On back of this development, the firm announced on-boarding of 3 industry veterans as its new partners, making a total of 5 partners across verticals. Eiliant now aims to become a USD 25 million entity by 2025 with a global footprint. It is with this intent it is structuring itself to brace up for the growth opportunities.
Since its inception in 2018, Eiliant has grown steadily and recently advised Space-Tech start-up, Bellatrix Aerospace to raise $ 3 Million in its Pre Series – A round. The firm has developed a strong investment thesis around Space-Tech, Cybersecurity, and Health-Tech and is building capabilities on scaling and augmenting growth. Eiliant is focussed on mergers and acquisitions, growth capital augmentation, technology strategy, growth consulting and CFO advisory to enable growth, scale and competitiveness for mid-market companies and curated start-ups. Its advisory is focussed towards 4 verticals – Science and Technology, Manufacturing, Consumer and Financial Services including Fintech. Eiliant has created its own proprietary engagement framework to unlock value and accelerate growth for emerging businesses and challenger brands across their life-cycle while ensuring investors get better-than-market returns on their investments with Eiliant portfolio companies.
The company’s new partners are Dean George who has worked with Arvind, Titan, StoreKing and HCL, Jubin Mishra who has worked with Accenture, HSBC, Sony and Aavishkaar-Intellecap and Sachin Gupta who has worked with LG, Blue Dart, Toll Group before joining Eiliant. Dean George, an MBA from University of Canterbury Christchurch, New Zealand, brings in 20 + years of experience and will lead Sales and Business Operations Advisory; Jubin Mishra, an alumnus of IIM Kozhikode with 20+ years of experience will be responsible for Growth Strategy and Marketing Advisory; Sachin Gupta, a chartered accountant and alumni of IIM Bangalore joins Eiliant advisory to focus on transaction and CFO Advisory.
Speaking about the development, Mr. Udit Mitra, Founder, Eiliant Advisors said: “With Dean, Jubin, and Sachin joining, we now have a leadership team of accomplished professionals with a proven track record across businesses and geographies. At this point, we are running and curating deals across our focussed verticals and their addition will help us to broaden our service portfolio across the business life cycle of our clients. This will now enable us to work as an extension for the investors, in achieving their R-o-I and exits, while building competitive business models for entrepreneurs in mid-market and curated start-ups. With this new addition, we have a collective 100+ years of experience – which we will bring to fore to offer our differentiated services to our clients and investors.”
Adding to the firm’s development, Mr. Anish Sengupta, Co-Founder said: “As a firm, we have a significant focus on deep-tech mandates. We look for enterprise technology companies with a defensible technical moat, reached through significant research and protected by patents or copyrights. With Dean, Jubin, and Sachin coming on board, we hope to accelerate growth in this area also”.
Eiliant Advisors is currently working on exclusive mandates in deep-tech company using Artificial Intelligence and Edge Computing to deliver intelligent monitoring and energy savings for large facilities and buildings; a Made-in-India, smart urban mobility solution – automating over 3 million parking spaces across India and South East Asia using proprietary Algorithm. The firm is also looking at various deals across consumer, manufacturing which will be online in upcoming quarters. The firm is targeting to on-board 2 more full life cycle clients during the second half of FY20.
Eiliant is a niche advisory firm that offers specialized services to unlock value and accelerate growth for start-up and mid-market companies across their entire lifecycle through its 4*4 strategy – focus on 4 industry verticals (Science and Technology, Manufacturing, Consumer and Financial Services including Fintech.) across 4 Service Lines ( Business Transformation and Growth Enablement, Investment Banking and M&A, Technology Advisory and Digital Strategy, and CFO and Structuring Advisory).
‘One Belt One Road’ (OBOR): An external challenge to India’s economy and security
In recent times China has emerged as a strong player in this new unfolding global system.
It has launched a new initiative called One Belt and One Road initiative. The aim of the OBOR project is to create an economic land belt and marine link to redirect Chinese capital to develop infrastructure and trade capacity of ASEAN, Europe, Central Asia, and Africa.
The concept of OBOR is based on certain principles where the broad aim is to establish multi-dimensional and multi-tiered connectivity to tap the market potential of the region’s leading countries to aggressively undertake job creation and promotion of consumption. It has the plan to involve more than 60 countries in the project and also plans to negotiate a free trade agreement with all of them, the entire OBOR.
China Pakistan Economic Corridor (CPEC)
The China –Pakistan relations, over a period of time, have evolved to the extent that some scholars aptly call Pakistan, China’s Israel. Today, china clearly believes that Pakistan has a core part to play in its transition to global power and lies at the heart of China’s plan for ports and railways and for oil and gas. The CPEC comes at a time of growing geopolitical ambition of china, being partly a strategic gambit. One of the important aims of CPEC is to bolster the Pakistani Economy by addressing the Key infrastructure constraints in Pakistan.
In March 2015, China’s National Development and Reform Committee announced the OBOR initiative. The CPEC is part of OBOR and was formalized in April 2015 between Pakistan and China. This concluded with around 51 memorandums of understanding with a total investment of 46 billion dollars. CPEC has emerged out of the Chinese principle of co-operative mechanism with different parts of the world to increase its trade. It has identified the China-Pakistan Economic Corridor and Bangladesh-China-India–Myanmar(BCIM-EC) as the key initiatives broadly associated with OBOR.
India’s official position is that CPEC passes through the Pakistan Occupied Kashmir(PoK), which is a disputed territory, and land that has been illegally occupied. India asserts that China has not shown any understanding of India’s sovereign claims and thereby it will not be part of the OBOR. Again for India, OBOR is a national initiative of China to enhance its connectivity all over to ensure that it is able to sustain its low-cost manufacturing programme which is declining due to rising domestic wages in China. This is by integrating itself to global value chains.
India has now to decide whether it would allow political differences to prevail over economic interaction.
First ATM installed at more than 11000 feet above sea level at Kedarnath
The Uttarakhand chief minister of the double engine government Trivendra Singh Rawat has today inaugurated the ATM service at the historic Kedarnath Shrine precincts at more than 11000 ft altitude, after it was washed away in the massive ecological disaster of June 15. This is the only ATM in the entire Kedarnath valley.
Thanks to the untiring efforts and dedicated commitment of Uttarakhand government for having taken the pains to finally to get the ATM installed at the ancient Kedarnath Shrine after protracted five years, where more than two lakh pilgrims and tourists visit every season to pay their revered obeisance to Baba Kedarnath in His historic shrine established centuries ago.
Even the prime minister Narendra Modi visited this Kedarnath about four to five times after the dreaded ecological disaster for paying obeisance to Lord Shiva at Kedarnath and also directed the state government to expeditiously carry out the reconstruction work in the Kedarnath Dham precincts.
A massive budget was also allocated for the complete facelift of this historic shrine.
If we measure the approximate number of visitors at this historic shrine taking an average of one lakh visitors every season, the figure would come to more than five lakhs. One can imagine how much inconvenience the visiting pilgrims were confronting in the absence of an ATM. The earlier available ATM was washed away in the heavy deluge on June 15/ 16 2013 that killed thousands of pilgrims from all over India who’d converged for Lord Kedar’s darshan.
We remember the news of this ATM being damaged due to the high-velocity tides and currents and of the deluge of the Chora baari lake also known as Gandhi Sarovar in June 2013.
On the day of this deluge and afterward, wads of notes were seen floating far away in the river which was finally picked up by some Sadhus who tried to siphon them off clandestinely but were caught carrying the wads of notes collected by them floating in the water.
Finally, the government of Uttarakhand realized this inconvenience to pilgrims and opened the only ATM at Kedarnath Shrine. The chief minister Trivendra Singh Rawat jubilantly inaugurated it. Better late than never, after more than five years in 2019 we have the ATM again after it was washed away in 2013.
In a tweet, today along with the pictures of inauguration of this new ATM the chief minister Trivendra Singh proudly tweeted: Harsh ka vishay hai ki Kedarnath Dham mein pehla ATM aaj se shuru ho gaya hai. @ HDFC _Bank dwara sthapit ATM se shradhaluon ko badi raahat milegi. 2013 ki aapda mein Kedarnath mein maujud ATM bah gaya tha.
Matter of pleasure to announce that a first ATM has been installed at Kedarnath shrine. The HDFC ATM will be of immense help to pilgrims. In 2013’s disaster the Kedarnath ATM washed away in the deluge.
Dr. Ashutosh Karnatak is the new CMD of GAIL ( India) Ltd
Gas Authority of India Limited with its headquarter based in New Delhi’s Bhikaiji Cama Place has nominated its new Chairman Cum Managing Director. Dr. Ashutosh Karnatak earlier serving as Director project GAIL since 2014 has today taken over charge as the new CMD of this highly profit-making organization. The earlier CMD Mr. Tripathi has retired.
Mr. Ashutosh Karnatak carries behind him a rich experience of 37 protracted years in the hydrocarbon sector and is also concurrently serving as Director ( Projects) in GAIL.
As per the financial projections till February 2019 the state-owned gas distribution company GAIL ( India) Limited jumped in the third quarter profit beating market estimate, buoyed by a surge in revenue from its natural gas marketing segment says a TOI report published in February. According to the report, the profit for the quarter ended then on December 31 last came to a whopping 16.81 billion rupees i.e. 234.32 million dollars compared with a profit of 12.62 billion rupees last year as per the GAIL’s projections.
According to the Refinitiv Eikon data quoting TOI report sixteen analysts on average estimated the company, which also engages in the transmission of petrochemicals and liquefied petroleum gas, posted a profit of 15.51 billion in a quarter.
The TOI report of Feb 2019 further says that GAIL’s revenue from operations surged 37.3% to 197.89 billion rupees. Similarly, it’s gas marketing segment which accounts for more than 3, 4th of the total revenue enhanced to a whopping 46%.
Along with Dr. Ashutosh Karnatak who took charge as CMD GAIL, Dr. Kulbhooshan Baluni also took charge as Director IIM Kashipur and Professor Padhy as Chairperson of IIM Kashipur Campus, Dun today. Mr. KC Pandey of Awaj Suno Pahadon ki and Uttarakhand Journalists Forum extended their heartiest congratulations to all of them for their enlightened future.
Dr. K. C Pandey a renowned entrepreneur of Uttarakhand and social activist congratulated Dr. Karnatak on assumption of the charge as new CMD GAIL at his Bhikaiji Cama place office by presenting a bouquetin person.
A post-graduate from IIT Delhi Karnatak graduated in electrical engineering from HBTI Kanpur. He is credited for developing an innovative project monitoring and controlling technique ARJUNA and a capability-building model. He accompanies with him a 39 years experience in Oil and Gas sector who joined GAIL in 2014 and reached its top slot just in a span of 4 and a half years.
Benefits of filing ITR (Income Tax Return) even if you are below taxable limit
ITR Receipt is an important document
Having an ITR receipt is important because it is more detailed than Form 16, entailing your income and taxation along with revenue from other sources.
Use as address proof
ITR receipt is sent to your registered address, which can serve as residential proof.
Helps the bank loan documentation process easier
Being a diligent income tax filer makes it easier for banks to assess your source of income when you apply for loans like an auto loan, home loan, personal loan, etc.
“Banks usually ask for copies of tax returns filed for previous 2-3 years at the time of applying for the loan to ascertain the income capacity of the individual. Hence, to apply for loans a tax return would be required to be filed”.
Avoid penalties or scrutiny from the tax department
From FY 2017-18, up to INR 10,000 would be levied for non-filing of ITR. This black mark will remain for years to come.
For a hassle-free visa application procedure
At times visa authorities ask for copies of past tax returns, hence to apply for a visa a tax return would be required to be filed. Embassies, especially those of US, UK, Canada, etc. when processing your foreign visa application, are particular about your tax-compliance.
To buy an insurance policy with a higher cover
If insurance companies have reasons (non-compliance) to believe that you are a tax-evader, they will not give you policies with more cover.
When employed, your employer will deduct TDS on your income. However, if you have made investments that are tax deductibles, it reduces your taxable income. So, the TDS deducted can be refunded, but only if you file your return. The same holds true for TDS deducted by any other sources.
Makes life easier for freelancers and independent professionals
Freelancer or self-employed people don’t have Form 16. This is the only document they have to show that he has filed the ITR. Without this, they can face funding issues and transactional problems.
Experts say that if one plans to start their business and need to fill a government tender or two for the same, they will need to show their tax return receipts of the previous five years. This again is to show your financial status and whether you can support the payment obligation or not.
However, this is no strict rule. It may vary depending on the internal rules of the government department. Even the number of ITRs required can vary.
Credit Card Processing
Banks can reject your credit card application if you haven’t filed your ITR.
Compensate losses in the next financial year
Unless you file the ITR, you cannot recompense your expenses/losses in the previous financial year to the current. As per the income-tax provisions, if tax returns are not filed on time, unadjusted losses (with some exceptions) cannot be carried forward to future years. Hence, to ensure that the losses are carried forward for future adjustment, a tax return would be required to be filed.
Helps to avoid extra interest
If you don’t file ITR, the belated return could lead to extra interest at 1% per month for the remaining tax payable by you. For example, banks would deduct tax from interest on fixed deposits exceeding a certain threshold. To claim a refund of tax deducted by the bank (if any) on the interest income, a tax return would be required to be filed regardless of the taxable income.
This helpful article curated from the web.
Have we registered our brand name yet?
The brand name is the very soul of the company. With the rise in the number of brands in India, the likelihood of the brand name being stolen has increased. Therefore, it is high time that we take measures to protect our brand name through Trademark registration.
Why we should consider trademark registration?
1. Because the brand name is the very identity of our product or service.
2. Because a brand name makes the customers recognize our product among many.
3. Because with trademark registration, we can deter the infringers from stealing our mark.
4. Because trademark registration gives a monetary value to our mark
5. Because trademark registration opens the door to business expansion through licensing.
This important article curated from the web.
It’s a pro people budget says PM Modi
DPIIT summons food aggregators like Zomato, Swiggy over predatory pricing
The Department for Promotion of Industry and Internal Trade (DPIIT) has summoned food aggregators including Swiggy, Zomato, Foodpanda and Uber Eats over restaurants complaint of them engaging in deep discounting. The dispute between restaurants and food aggregators has been going one for almost a year.
DPIIT has called meeting to resolve offline restaurant concerns, which is quite similar to what offline retailers had with e-tailers, said an official aware of the development.
The meeting will be attended by food aggregators and restaurant associations, including the Federation of Hotel & Restaurant Associations of India and National Restaurant Association of India. It will be chaired by DPIIT secretary, Ramesh Abhishek.
Govt will try to address the restaurants issues through mutual discussion and find equal growth opportunity for the industry, reportedly said officials.
Commerce and industry minister, Piyush Goyal, had earlier warned e-comm firms, in almost similar cases, to avoid hurting small businesses through their predatory pricing practices. Goyal had categorically said that the government will not allow small retailers and kirana shops to be wiped out.
The restaurant associations have time and again complained against food aggregators harming their business through making consumers discount addicts.
Two months ago, restaurants had complained, about the impact of deep discounting offered by food aggregators, on their business. Through predatory pricing food aggregators are forcing restaurants to drop prices, restaurants said.
Food aggregators have also indulged in running their own private labels, who are eating away their businesses and using consumer behaviour data to consolidate their business, they added.
In January, over five hundreds of restaurants had complained to the CCI.
Delhi High court restrains Hotelier Association from calling for ban on Oyo Rooms
The Delhi High court has restrained the Hotelier Welfare Association from issuing any notices to hoteliers and service providers calling for a ban on or seeking to boycott the hotel services provided by Oyo Rooms.
The ex-parte interim injunction order was passed by a vacation Bench of Justice Jayant Nath in a suit by the owner of Oyo Rooms, Oravel Stays Private Limited (plaintiff) against the Hotelier Welfare Association (defendant).
The Court was informed that the plaintiff is in the business of standardizing unbranded budget hotels, bed and breakfast and guesthouses through online and offline channels.
It was further explained that the plaintiff enters into business arrangements with the service providers or hotelier, in which the service provider or hotelier permits the plaintiff to have full control over pricing, booking brought in by the hotel, publishing room tariffs on its website and/or mobile application at any point in time etc.
It was the plaintiff’s grievance that the defendant had been illegally conspiring and colluding with other similar hotelier associations such as Budget Hotel Association of Mumbai to coerce the plaintiff into submitting to their unwarranted, illegal demands.
Pursuant to the various statements, notices/letters issued by the defendant, several hoteliers had expressed their apprehension in continuing their business-relation with the plaintiff, the Court was further informed.
The Court also perused one such notice allegedly by defendant association, calling upon all hotels to support a nationwide protest against OYO by boycotting and blocking OYO rooms from June 20.
The conduct, the plaintiff argued, had halted its business and could also potentially impact more than 1,35,000 bookings across India.
It was also pointed out that the defendant was earlier the business partners of the plaintiff but have now formed an association and have been acting against the plaintiff.
After hearing the plaintiff, the Court concluded that a prima facie case had been made out against the defendant for an ex parte injunction order.
The Court thus restrained the defendant from issuing notices or calling other hoteliers/service providers to boycott the plaintiff in any manner whatsoever till further orders.
Oyo Rooms was represented by Senior Advocate Neeraj Malhotra, briefed by a team of Advocates from IndusLaw Sandeep Grover, Mohit Chadha, Pankhuri Bhardwaj, Tarang Aggarwal, and Kshitij Parashar.
- The matter will be heard next on August 8
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